Karuna Therapeutics (NASDAQ:KRTX) stock is on the move Monday after releasing results from a Phase 3 clinical trial for KarXT.
KarXT is a drug in development by the company to treat adults with schizophrenia. The results from the clinical trial showed an 8.4-point reduction in PANSS total score when compared to the placebo.
That’s positive news for the drug as it has it meeting the primary endpoint of the clinical trial. In addition to that, the safety and tolerability of the treatment matched what was seen in previous trials of KarXT.
Karuna Therapeutics notes that it intends to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) including data from this study. It plans to do so sometime in mid-2023. That could result in the treatment launching in the second half of 2024 if the FDA grants its approval.
What That Means for KRTX Stock
Investors interested in KRTX stock have reason to celebrate today’s clinical trial results. Meeting the primary endpoint is a win and could be a sign of more growth in the future. That explains why more than double of the company’s shares have traded than normal today.
KRTX stock started off up in pre-market trading for Monday, but the company’s shares are now down 9.2% this morning.
Investors seeking more of the latest stock market news will want to stick around!
We’ve got all of the most recent stock stories for Monday! That includes why shares of First Republic Bank (NYSE:FRC), UBS Group (NYSE:UBS) and Credit Suisse (NYSE:CS) shares are moving today. We’ve got all that news ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.